As it stands, early indications are that Ottawa racked up a $12.1 billion deficit this past year — more than $4 billion less than forecast. But that figure may change once various accounting adjustments are made.

For comparison purposes, Ottawa posted an $18.7 billion deficit in the 2012-2013 fiscal year that ended in March 2013.

Program expenses went up by $6.8 billion, an increase of 2.8 per cent. But that was more than offset by revenues that came in $13.2 billion or 5.2 per cent higher.